Nikola SPAC Presentation Deck

H₂ STATION ROLL-OUT DEDICATED SINGLE-STATION STRATEGY HYDROGEN STATION ROLL-OUT STRATEGY Hydrogen fueling stations will be built one at a time along dedicated routes, based on customer need and network optimization • • "450,000 trucks, or "25% of total fleets(2), operate along dedicated routes, typically between a plant and distribution center along major freight corridors • Initial build out of 1,200 station equivalents) will be developed to serve this section of the market (based on 210 trucks per 8,000kg station) • Station locations determined by pre-orders, selecting customers with routes along the most trafficked freight corridors . First stations may potentially operate as hubs, allowing fleets to refuel within a 250-mile radius • Projected average one-time station capex of $16.6M expected to support 630 leases over 21 years improvements in technology are expected to reduce capex by 10% in 2025 and beyond Targeting dedicated routes segment enables a focused roll out of H₂ station network to optimally manage capital outlay PROJECTED TOTAL STATION CAPEX One Time Station Related Capex Station Production and Fueling Equipment Land and Building Total Station CapEx 210 Trucks x 3 Product Cycles Total Station Capex per 7-year Truck Lease Key Hydrogen Station Components NEL A-485 electrolyzer 50MPa Hydrogen 1,000kg/day 2.2MW Storage $ 1 Includes transformer/rectifier, electrolyzers, supply compressors, hydrogen storage, fuelling station equipment, dispensers and installation 2. Management industry source estimate 3. Equivalent of 1,200 stations producing 8,000kg: actual number of locations will likely vary as some stations will produce >8,000kgs 14,860,000 1,750,000 16,610,000 630 26,365 Dual H₂Station® Fueling 1,000kg/day two dispensers 24

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